Bourses continue to trade near fresh record highs in late afternoon session

Key benchmark indices continued to trade near fresh record highs in late afternoon session. Buying interest in select heavyweights such as Reliance Industries, HDFC twins (HDFC Bank and HDFC), Infosys and Tata Consultancy Services lifted the indices higher. Traders took note of report that Taiwan has an ‘enormous appetite’ to expand ties with India and firming up the proposed free trade agreement between the two sides will be a ‘big encouragement’ for Taiwanese companies to set up manufacturing bases in India. Meanwhile, Investors shifted their focus to upcoming Fed Chair Jerome Powell's speech after a slew of upbeat U.S. economic data pointed to a resilient economy. 

On the global front, Asian markets were trading mixed as China industrial profits data disappointed and a softer than expected headline inflation figure in Australia raised the prospect of a pause in interest rate rises from the Reserve Bank of Australia. European markets were trading higher after robust U.S. data soothed concerns about a steep economic slowdown, while investors awaited commentary from central bankers at a forum expected later in the day for further policy direction.

The BSE Sensex is currently trading at 64,004.80, up by 588.77 points or 0.93% after trading in a range of 63554.82 and 64037.10. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.45%, while Small cap index was up by 0.12%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.06%, Capital Goods up by 1.03%, Metal up by 0.91%, Healthcare up by 0.89% and Energy was up by 0.86%, while Realty down by 0.04% was the only losing indices on BSE.

The top gainers on the Sensex were NTPC up by 2.39%, Tata Motors up by 2.36%, Sun Pharma up by 2.14%, Titan Company up by 2.03% and Indusind Bank up by 1.83%. On the flip side, Kotak Mahindra Bank down by 0.42%, Wipro down by 0.41%, Tech Mahindra down by 0.30% and HCL Tech down by 0.01% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest report on ‘the performance of the private corporate sector during 2022-23’ has showed that listed private non-financial companies recorded sales growth (y-o-y) of 19.8 per cent, where manufacturing sector recorded 18.0 per cent growth, mainly led by automobiles, petroleum, and chemical industries during 2022-23. The released data of the performance of the private corporate sector during 2022-23 is drawn from abridged financial results of 3,115 listed non-government non-financial (NGNF) companies. 

As per the report, information technology (IT) sector sustained its high growth momentum and the performance of non-IT services companies improved further during 2022-23, led by robust growth in trade and transport sector. On the expenditure front, improved demand conditions and commensurate sales growth led to increase in manufacturing companies’ expenses on raw material and employees.

The report further noted that profit margins of manufacturing and IT companies moderated during 2022-23; for non-IT services companies, operating profit margin remained stable, but they continued to record losses on a net basis.

The CNX Nifty is currently trading at 19,002.95, up by 185.55 points or 0.99% after trading in a range of 18861.35 and 19011.25. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 3.88%, Adani Ports up by 3.32%, JSW Steel up by 3.27%, Tata Motors up by 2.35% and NTPC up by 2.28%. On the flip side, HDFC Life Insurance down by 3.08%, Hero MotoCorp down by 0.82%, Wipro down by 0.35%, Tech Mahindra down by 0.31% and Kotak Mahindra Bank down by 0.25% were the top losers.

Asian markets were trading mixed, Nikkei 225 surged 655.66 points or 1.98% to 33,193.99, Taiwan Weighted added 47.73 points or 0.28% to 16,935.63, Hang Seng advanced 23.92 points or 0.12% to 19,172.05 and Straits Times was up by 2.19 points or 0.07% to 3,207.54. On the flip side, Shanghai Composite weakened 0.06 points or 0% to 3,189.38 and KOSPI was down by 17.2 points or 0.67% to 2,564.19.

European markets were trading higher, UK’s FTSE 100 increased 31.05 points or 0.41% to 7,492.51, France’s CAC rose 49.07 points or 0.68% to 7,264.65 and Germany’s DAX was up by 105.92 points or 0.66% to 15,952.78.